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Cryptocurrencies Bullish as Bitmain Confirms IPO Plan in Hong Kong

Investing.com – Bitcoin and other major cryptocurrencies rose on Thursday morning in Asia. The world’s largest digital token mining equipment maker, Bitmain Technologies, confirmed on Wednesday its plan to list on the Hong Kong stock exchange.

Bitcoin edged up 1.29% to $6,494.2 at 10:42PM ET (02:42 GMT) on the Bitifinex exchange.

Ethereum climbed 3.71% to $218.86 on the Bitifinex exchange.

XRP surged 7.15% to $0.53309 on the Poloniex exchange, while Litecoin also went up 2.67% to $58.549 on the Bitifinex exchange.

The Chinese bitcoin mining giant reported $12 billion valuation after its latest funding round. It made $742.7 million in profit in the first half of 2018, a ninefold surge from a year ago, according to its documents. Revenue skyrocketed tenfold in the same period, to $2.8 billion as of the end of June.

The company said it plans to use the funds from the IPO, expected to be up to $3 billion, to invest in R&D and expand its production output. It had up to 85% share of the cryptocurrency mining market in 2017, according to Bernstein research. Regulatory concerns remain as Beijing continues its efforts in cracking down on crypto-related activities.

Elsewhere, Swiss startup SEBA Crypto AG raised $103 million to build a bank offering cryptocurrency services to companies and investors. It also extends traditional banking services to firms in the new industry.

The company said on Thursday that it is seeking a banking and securities dealer license in order to manage digital tokens trading as well as investments for banks and investors. It also aims to offer corporate financing, including advising on initial coin offerings.

“SEBA wants to bridge the gap between traditional banking and the new world of crypto. With safety, transparency and performance as core values, our ambition is to become a market leader in the convergence of traditional finance with the crypto economy,” said CEO Guido Buehler, who is also a former UBS manager.

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